The Limited, a women’s apparel and fashion chain, has disclosed it is shutting down business in all its 250 physical retail stores across the US, according to a report from Washington Post. The women fashion retail store made this disclosure on its website and attributed the decision to dwindling sales and people’s preference for online shopping.
While the physical retail stores of the business will be closed down for good, customers can still place their orders online on the store’s website. The retail stores will pull down their curtains on Sunday with nearly 4,000 employees losing their jobs in the process.
The Limited is owned by Sun Capital Partners and it was established in 1963 by Leslie H. Wexner. The store stocked only women’s apparels and it quickly grew into a dominant fashion store for women back then. The owner went ahead to establish Express, another women’s clothing store devoted to trendier clothing, and then Structure, for men’s clothing and fashion accessories.
Wexner went on to establish other companies that made their mark up to the late 90s.
Business analysts blame The Limited’s outdated business model for its woes. Analysts say the business has not lived up to the expectations of trendy women who continue to prefer fast and affordable clothing characterized by current tastes and fads.
But The Limited is not the only US retail business to have suffered terrible economic blows in recent times.
Sports Authority, a sports retail store, shut down its business last and closed down over 460 stores across the US. A number of others such as American Apparel, PacSun, and Aeropostale opted for bankruptcy in 2016 as a way to protect themselves from overwhelming debts in the face of bad business.
Meanwhile, Macy’s recently disclosed that it is considering shutting down some shops to reduce operational costs while 10,000 employees might lose their jobs.
Wexner sold off The Limited in 2007, but the company is still the parent company to Bath & Body Works and Victoria’s Secret which he had acquired in 1982 for $1 million.